Searching Content indexed under White Collar Crime, Anti-Corruption & Fraud by Goodwin Procter LLP ordered by Published Date Descending.
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FinCEN Issues Advisory On SARs Related To Mortgage Loan Fraud
In prepared remarks to the American Association of Mortgage Regulators, FinCEN Director, James H. Freis, Jr., announced that FinCEN issued an advisory to assist financial institutions—specifically non-bank residential mortgage lenders and originators—in filing more useful Suspicious Activity Reports related to mortgage loan fraud.
United States
5 Sep 2012
Oracle To Pay $2 Million To Settle FCPA Charges Related To Subsidiary’s Use Of Side Funds In India
On August 16, 2012, the Securities & Exchange Commission ("SEC") charged Oracle Corp. with violations of the Foreign Corrupt Practices Act ("FCPA") arising out of its failure to prevent its subsidiary in India from secretly setting aside money that was used to make unauthorized payments to vendors.
United States
23 Aug 2012
Making Sense Of Brady Disclosure Obligations In Parallel Proceedings
Federal prosecutors have learned to live with the fact that they will have to produce notes of witness interviews as a consequence of their obligation to disclose exculpatory witness statements.
United States
27 Jul 2012
Challenges In Asserting The Advice Of Counsel Defense
THE POST-RECESSION increase in complex white-collar investigations and prosecutions1 may increase the chance that white-collar attorneys will encounter a vexing conflict that looms, often unexplored, in many corporate criminal investigations.
United States
26 Jul 2012
No Presumption Of Reliance When Efficient Market Did Not Exist
The U.S. District Court for the Central District of California recently denied certification of a putative class of stock purchasers seeking damages for alleged securities fraud.
United States
28 Jun 2012
Financial Services Alert - July 19, 2011
The SEC issued an order that increases two dollar amount thresholds in Rule 205-3 under the Investment Advisers Act of 1940 related to "qualified client" status; the Rule permits a registered adviser to charge a qualified client, i.e., one that meets one or the other of these thresholds (or satisfies alternative criteria under the Rule) a fee based on a share of capital gains on, or capital appreciation of, the client’s account (a "performance fee"). Currently, under the two tests in question, a
United States
21 Jul 2011
Financial Services Alert - May 31, 2011
The OCC issued a proposal (the "Proposal") that would amend its regulations relating to preemption of state law and visitorial powers to conform those rules to the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act").
United States
2 Jun 2011
SEC Approves Final Whistleblower Rules Under Dodd-Frank
On May 25, the Securities and Exchange Commission adopted the final rules to establish a whistleblower program that Congress required as part of the Dodd-Frank Act.
United States
1 Jun 2011
Financial Services Alert - April 5, 2011
On March 29, 2011, the FDIC’s Board of Directors issued a proposed rule (the "Proposed Rule") outlining the information bank holding companies with assets of $50 billion or more and systemically significant nonbank financial companies ("Covered Companies") must include in required resolution plans – so-called "living wills."
United States
6 Apr 2011
Federal District Court Dismisses Amended Complaint in Derivative Suit Based on Alleged Unlawfulness of Asset-Based Rule 12b-1 Payments by Mutual Fund Distributor to Selling Broker-Dealers
The U.S. District Court for the Northern District of California granted a motion to dismiss the amended complaint in a derivative suit brought by a mutual fund shareholder against the fund's distributor and trustees.
United States
3 Nov 2010
U.S. Supreme Court Curtails Federal "Honest Services" Fraud Statute
On June 24, the U.S. Supreme Court, in "Skilling v. United States" and two companion cases, sharply limited the scope of the federal "theft of honest services" fraud statute, 18 U.S.C. § 1346.
United States
29 Jun 2010
Second Circuit Vacates Dismissal Of Mutual Fund Shareholder Securities Fraud Claim Regarding Affiliated Transfer Agent Arrangements, But Affirms Dismissal Of Related Excessive Fee Claim
The US Court of Appeals for the Second Circuit (the "Court") vacated the dismissal of a class action securities fraud claim brought by investors in a family of mutual funds against affiliates of the organization sponsoring and providing advisory services to the family of funds (such organization and its affiliates being generically referred to as the "Sponsor/Adviser") and executives of the Sponsor/Adviser regarding transfer agency arrangements for the funds (the "Affiliated Transfer Agent Arran
United States
24 Feb 2010
Limiting, Clawing Back Executive Pay In The Wake Of Financial Bailout
Shareholders and the general public are livid that former executives of failed companies received, or continue to receive, exorbitant pay and bonuses in the aftermath of the implosion of the subprime mortgage market and the consequent bailout of Wall Street firms and other financial companies.
United States
9 Feb 2009
Ninth Circuit Decision Permits Wider Scope For SEC-DOJ Cooperation In Parallel Civil And Criminal Proceedings
In recent years, federal prosecutors and the Securities and Exchange Commission (“SEC”) have come under criticism for their conduct of so-called “parallel” civil and criminal investigations.
United States
12 Jun 2008
SEC Proposes New Anti-Fraud Rules For Private Funds
On December 27, 2006, the SEC released proposed rules directed at advisers of private investment funds. The SEC has proposed these rules in the wake of the June 2006 decision of the U.S. Court of Appeals for the District of Columbia (the "Goldstein decision") striking down Rule 203(b)(3)-2 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), which required many hedge fund managers to register with the SEC as investment advisers.
United States
24 Jan 2007
New Law Gives FTC Broader Powers to Protect U.S. Web Users
During its final week in session, the 109th Congress passed a measure designed to allow the Federal Trade Commission ("FTC") to be more effective in protecting consumers from spam, spyware and Internet fraud on a global scale.
United States
17 Jan 2007
New Whistleblower Law Increases Risks and Compliance Requirements for Many Companies
Effective January 1, 2007, the Deficit Reduction Act of 2005 ("DRA") imposes new requirements on companies and threatens to increase whistleblower activity significantly. Although the law applies directly to healthcare-related entities that make or receive more than $5 million in state Medicaid payments, it is likely to have a substantial impact beyond the healthcare industry.
United States
13 Nov 2006
SEC Approves Soft Dollar Interpretive Release
The SEC approved the issuance of an interpretive release regarding the safe harbor afforded by Section 28(e) of the Securities Exchange Act of 1934, as amended. The SEC has not made the interpretive release itself available, but did issue a press release providing some details (summarized within article) regarding its forthcoming soft dollar guidance.
United States
19 Jul 2006
FinCEN Issues Final Rule Regarding Mutual Fund Reporting of Suspicious Transactions
The Financial Crimes Enforcement Network ("FinCEN") issued a final rule (the "Rule") that requires all mutual funds (open-end management investment companies as described in the Investment Company Act of 1940, "Mutual Funds" and each a "Mutual Fund") to report suspicious transactions to FinCEN.
United States
22 May 2006
OCIE Associate Director Discusses Examination Program for Broker-Dealers
OTS Concludes that County Lending Restrictions are Preempted; ICI Rule 22c-2 Working Group Issues Package with Form of Rule 22c-2 Agreement and Other Model Documents for Use in Communicating with Intermediaries Regarding Rule 22c-2 Compliance; Federal Banking Agencies Extend Comment Period on Interagency Guidance on Concentrations in Commercial Real Estate Lending; FRB Allows Bank Holding Company to Acquire Subsidiary Providing Forward Exchange Transaction Services; FinCEN Provides Guidance on t
United States
15 Mar 2006
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